Africa has seen an remarkable rise in the number of billionaires over the years, and while it used to have more white billionaires, the tides are turning with a greater number of black billionaires joining the list.
According to Forbes, Egypt and South Africa have more billionaires than any other African nation with 5 billionaires each, trailed by Nigeria with 4 billionaires and Morocco with 2 billionaires each.
Some previous billionaires such as Stephen Saad, Desmond Sacco, Christoffel Wiese and Onsi Sawiris fell of the billionaire’s list due to a decline in stock prices.
Zimbabwe’s Strive Masiyiwa joined the billionaire list in 2018 and has since doubled his net worth $2.3 billion from $1.6 billion as of December 2019 due to a rise in share price of Econet Zimbabwe.
The Top 5 African Billionaires
Aliko Dangote still No. 1 – $10.3 billion
Aliko Dangote has been the richest African billionaire for eight consecutive years, and his Forbes’ current net worth of 2019 is valued at $10.3 billion. The Nigerian billionaire acquired much of his wealth through his Dangote Company, which specializes in cement, sugar and flour.
Mike Adenuga comes at No. 2 – $9.2 billion
The second richest billionaire in Africa and Nigeria, Mike Adenuga, has an incredible net worth of $9.2 billion, primarily due to his telecommunications company Globacom and Conoil Production, which operates 6 oil blocks in the Niger Delta.
Globacom is Nigeria’s third-largest mobile telecommunications operator with more than 43 million subscribers and is rising steadily every year.
Nicky Oppenheimer at No. 3 – $7.3 billion
South African billionaire Nicky Oppenheimer owes much of his fortune to the DeBeer Diamond Mine company and is currently valued at an estimated $7.3 billion. He sold his 40% interest in DeBeers for $5.1 billion in cash to Anglo American in 2012.
Nassef Sawiris at No. 4 – $6.3 billion
Egypt’s wealthiest billionaire is Africa’s fourth richest person with an estimated net worth of $6.3 billion. He operates Orascom Construction Industries specializing in the processing, construction and engineering of nitrogen fertilizers. His brother Naguib is a billionaire, too.
Johann Rupert at No. 5 – $5.3 billion
South African second richest billionaire Johann Rupert is reported to have a net worth of $5.3 billion and owes much of his fortune to his Swiss luxury goods company Compagnie Financiere Richemont, which has the Cartier and Montblanc brands.
Other African Billionaires
Forbes has about 20 African billionaires, including Issad Rebrab with $3.7 billion from the food industry, Naguib Sawiris with $2.9 billion from telecommunications, Koos Bekker with $2.3 billion from media and investment, Isabel dos Santos with $2.3 billion from finance, Strive Masiyiwa with $2.3 billion from telecommunications and Patrice Motsepe with $2.3 billion from mining.
Sudanese-born billionaire Mo Ibrahim, along with Mohamed Al-Fayed, who is a resident of London, is removed from Forbes Africa’s richest billionaire list.